Investors involved with Laurence Bassini's takeover of Birmingham City got "cold feet" because they were unsure whether the deal would be approved by the EFL and FA, according to a report from the Daily Mirror.

The former Watford chairman was previously favourite to secure a deal for the West Midlands side, with the 52-year-old previously scheduled to buy current shareholder Vong Pech's stake before taking full control of the club in the future as part of a two-year plan.

The businessman was previously confident of getting a deal over the line by the June 30th deadline - but that date has now passed without him being able to seal this agreement.

With this, current owners Birmingham Sports Holdings Limited (BSHL) are free to engage in negotiations with other parties with his period of exclusivity expiring - and a group led by Paul Richardson and Maxi Lopez are still interested in purchasing Blues.

However, they aren't the only people that want to take the club off BSHL's hands with at least two other interest parties also monitoring the situation according to this report by the Mirror.

They have also revealed that Bassini's investors were the key reason behind his downfall, with David Sullivan thought to have been one of those interested in supporting the 52-year-old.

The Verdict:

Birmingham need certainty more than anything else at this stage because Lee Bowyer should be given funds to strengthen his squad this summer as they look to remain afloat in the division once again.

In fairness, there's no excuse for BSHL not to make funds available now if they haven't done so already, because they will still have a majority stake in the club this summer regardless of whether Bassini revives his interest.

A failure to bring in quite a few new players before the start of the season could prove to be costly with the Midlands outfit needing depth in several areas including their central defence.

Richardson and Lopez could be a good duo to have at the helm though so it will be interesting to see whether they can be made preferred bidders and get a deal over the line.

With Richardson's experience in business and Lopez's time in the game, that could allow Birmingham to be more successful in the future after declining under their current ownership on the pitch.